The Six-Point Reform Plan
A targeted legislative intervention to close the governance gaps that allowed the CLICO collapse.
Corporate Law Reform
Objective: Close the "shadow director" loophole.
Amending the Companies Act to expand the definition of "director" to include any person in accordance with whose directions or instructions the directors of a company are accustomed to act.
Fiduciary Duties for Public Officials
Objective: End impunity for state-appointed directors.
Codifying strict fiduciary duties for public officials serving on statutory boards, mirroring the standards required of private sector directors.
Regulatory Independence
Objective: Insulate regulators from political capture.
Establishing statutory independence for the Financial Services Regulatory Commission (FSRC), with fixed terms for commissioners and protected funding streams.
Insolvency Modernization
Objective: Prioritize stakeholder recovery.
Updating bankruptcy laws to provide clearer mechanisms for asset recovery in cases of misfeasance and fraudulent trading.
Asset Disposal Transparency
Objective: Prevent value stripping.
Mandating independent valuation and open competitive bidding for the disposal of all significant corporate assets, especially to related parties.
Whistleblower Protection
Objective: Incentivize reporting of misconduct.
Creating robust legal protections and financial incentives for individuals who report financial misconduct or governance failures.
Implementation Timeline
Legislative Drafting & Consultation
Parliamentary Enactment
Regulatory Enforcement & Training